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Note 7 - Deposits and Borrowed Funds
12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Deposits and Borrowed Funds [Text Block]

Note 7: Deposits and Borrowed Funds

 

The following table provides additional detail regarding deposits.

 

  

Deposits

 
  

At December 31,

  

At December 31,

 
  

2023

  

2022

 
  

(In thousands)

 

Noninterest-bearing

 $2,605,844  $2,947,277 

Interest-bearing:

        

Transaction

  1,072,233   1,273,143 

Savings

  1,699,388   1,874,115 

Time deposits less than $100 thousand

  56,100   65,962 

Time deposits $100 thousand through $250 thousand

  31,107   42,733 

Time deposits more than $250 thousand

  9,595   22,060 

Total deposits

 $5,474,267  $6,225,290 

 

Demand deposit overdrafts of $620 thousand and $995thousand were included as loan balances at December 31, 2023 and December 31, 2022, respectively. Interest expense for aggregate time deposits with individual account balances in excess of $100 thousand was $116 thousand in 2023, $156 thousand in 2022, and $265 thousand in 2021.

 

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The following table provides additional detail regarding short-term borrowed funds.

 

  

Repurchase Agreements (Sweep)
Accounted for as Secured Borrowings

 
  

Remaining Contractual Maturity of the Agreements

 
  

Overnight and Continuous

 
  

At December 31,

  

At December 31,

 
  

2023

  

2022

 

Repurchase agreements:

 

(In thousands)

 

Collateral securing borrowings:

        

Agency residential MBS

 $25,669  $30,108 

Corporate securities

  233,947   203,774 

Total collateral carrying value

 $259,616  $233,882 

Total short-term borrowed funds

 $58,162  $57,792 

 

The following table provides additional detail regarding short-term borrowed funds.

 

  

For the Years Ended December 31,

 
  

2023

  

2022

 
  

Highest Balance at Any Month-end

 
  

(In thousands)

 

Securities sold under repurchase agreements

 $138,005  $257,560 

 

At December 31, 2023, the Company had uncommitted lines of credit for overnight borrowings from correspondent banks totaling $100 million. Additionally, the Company had access to borrowing from the Federal Reserve up to $996,935 thousand based on the collateral pledged at December 31, 2023. There were no outstanding amounts under the above-mentioned borrowings at December 31, 2023. For the year ended December 31, 2023, the average balances of the above-mentioned borrowings were $-0- thousand. At December 31, 2023, the Company’s estimated unpledged debt securities collateral qualifying for Federal Reserve borrowing totaled $1,945,176 thousand.